Your Tax Guide: IRS Publication 17 & the AMT

Alternative Minimun   August 9, 2013   Comments Off on Your Tax Guide: IRS Publication 17 & the AMT
Employee

IRS Publication 17 is a nice fat booklet published by the Internal Revenue Service which explains in detail everything you’ll ever want to know about your federal individual income taxes.  It’s almost 300 pages long and the Alternative Minimum Tax is briefly discussed on half a page of the publication. … Read more »

IRS Form 8801: Credit for Paying the AMT

Alternative Minimun   August 7, 2013   Comments Off on IRS Form 8801: Credit for Paying the AMT
Tax

Sometime you can get credit on your federal income tax return for having paid the AMT in previous years.  If you paid AMT in the past, and if you paid it for a certain reason explained below, you may be eligible to use IRS form 8801 to get an AMT… Read more »

Use Form 6251 to Figure Your Alternative Minimum Tax

Alternative Minimun   June 22, 2013   Comments Off on Use Form 6251 to Figure Your Alternative Minimum Tax
Tax forms

The IRS giveth and the IRS taketh away.  You get some nice deductions and tax credits plus other favorable treatment on some of your income, and this helps reduce your taxable income.  We like that.  But the AMT can take those nice tax benefits away, if it deems your income… Read more »

If the AMT Rate Kills You One Year, Hope Exists in a Credit Next Year

Alternative Minimun   May 20, 2013   Comments Off on If the AMT Rate Kills You One Year, Hope Exists in a Credit Next Year
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The Alternative Minimum Tax is not something anyone wants to fall victim to, but at least the rate cannot go as high as the regular tax.  When figuring your tax, the rate under the AMT system may turn out to be lower than your regular rate, so even though you… Read more »

New Rules for the AMT Tax Mean Savings for Many

Alternative Minimun   May 16, 2013   Comments Off on New Rules for the AMT Tax Mean Savings for Many
us tax form

The AMT tax has not been adjusted for inflation in past years.  Millions of taxpayers have been hit with the Alternative Minimum Tax over the past few decades, and some shouldn’t have had to pay at all.  That’s because as income rose with inflation, more taxpayers edged up into the… Read more »

The Alternative Minimum Tax Exemption

Alternative Minimun   May 7, 2013   Comments Off on The Alternative Minimum Tax Exemption
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Well we’ve already learned about the dreaded Alternative Minimum Tax.  If you missed it, read about this tax and how it works here.  Basically it’s a tax devised to prevent rich people from using too many loopholes to avoid paying income taxes.  The rich can loophole all they want, but… Read more »

How the Alternative Minimum Tax Got Out of Control

Alternative Minimun   April 30, 2013   Comments Off on How the Alternative Minimum Tax Got Out of Control
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Back in the old days (the 1970s) when disco first hit the clubs and Jimmy Carter was President, our government tried to even things out for American taxpayers, financially.  It had been occurring to people that the very rich amongst us were paying very little in the way of income… Read more »

What is the Alternative Minimum Tax?

Alternative Minimun   April 23, 2013   Comments Off on What is the Alternative Minimum Tax?
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Taxes are tricky: anyone who earns income should be paying federal income tax.  After all, that’s how our government pays for lots of things.  Money doesn’t come from nowhere and as US citizens we pay tax to support our federal government.  It’s our duty as citizens and we should be… Read more »